Steel Partners Japan Strategic Fund (Offshore) L.P. said Thursday it has asked for talks with Sapporo Holdings Ltd. to have it drop its defensive stance so the U.S. investment firm can acquire a 66.6 percent stake in the brewery in terms of voting rights.
Steel Partners, Sapporo's biggest shareholder with 17.52 percent of its outstanding shares, said it wants to expand the stake to enhance the value of the Tokyo-based firm.
An official at Steel Partners said the fund "regards (Sapporo) as an attractive investment destination and has no intention of taking management control."